Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,752,920 shares of the technology retailer’s stock after buying an additional 166,478 shares during the period. Federated Hermes Inc.’s holdings in Best Buy were worth $215,499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after purchasing an additional 2,409,006 shares in the last quarter. Norges Bank acquired a new stake in shares of Best Buy during the fourth quarter worth about $161,121,000. HS Management Partners LLC acquired a new stake in shares of Best Buy during the fourth quarter worth about $103,854,000. Renaissance Technologies LLC increased its position in shares of Best Buy by 1,079.7% during the first quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after purchasing an additional 1,217,900 shares in the last quarter. Finally, Capital World Investors acquired a new stake in shares of Best Buy during the first quarter worth about $99,081,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group lifted their target price on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Jefferies Financial Group dropped their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Wedbush boosted their price target on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $84.60.

Best Buy Price Performance

BBY stock traded up $0.40 on Thursday, reaching $76.63. The company had a trading volume of 489,432 shares, compared to its average volume of 3,013,888. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company’s fifty day moving average is $77.94 and its 200 day moving average is $73.83. The company has a market cap of $16.50 billion, a P/E ratio of 13.39, a PEG ratio of 1.96 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same quarter in the prior year, the company earned $2.61 EPS. Best Buy’s revenue was down .6% on a year-over-year basis. On average, research analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were paid a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.91%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is presently 66.08%.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,394 shares of company stock valued at $4,206,247. 0.56% of the stock is owned by corporate insiders.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.